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Search Results 0 to 49 of about 94 (some duplicates have been removed)
a will surpass those fom hurricanes irene and katrina. although there are countlessse businesses hurt, others could see a boost.se erika miller reports. >> reporter: when you consider the massive amounts of flooding, downed treesand damage to transportation networks, it could takandays-- if not weeks,i to tally up the financial costs from the storm. but already there are predictions sandy will be thets most expensive clean-up in u.s. history. the mt serious damage appears to be caused by flooding along the east coast. according to economic tracking firm i.h.s. global insight, property damage will lielyly surpass $20 billion. add to that as much as $30 billion in lost business, and the total financial toll could end up being close to $50 billion. hotels, stores, airlines, and restaurants have lost business they won't get back. insurance companies will have tu make big payouts, which will likely mean hiher insurance premiums for customers down the road. here in new york city, commerce has been crippled. and power is not expected to be restored in many areas until next week. i.h.s. global predic
franklin. after katrina, you were a native of new orleans, you were appointed the vice chairman of the louisiana recovery authority and the job was to handle funds that were being disbursed by the federal government. in watching the rebuilding of new orleans and this whole process, what do you think that you learned that applies to what's going on now in new york and new jersey? >> three things. first of all, leadership matters. if you look at what's happening in new york and new jersey now organization view great leaders, michael bloomberg, deputy mayor bob steele, governor cuomo, governor chris christie. the president, obama, has been very involved. when we went through katrina, we were all back down in new orleans, it wasn't that strong of leadership. ray nagin was the mayor, sometimes not to be found. so i saw the importance of people who take charge and say i'm going to run into this crisis and i'm going to help solve it. secondly, it reminded us that we're all in the same boat together. this election is somewhat about the age-old tension between, all right, we're all indiv
of cars flooded and destroyed by super storm sandy, it could exceed that of katrina. watch out, coming up a man who sold more than his fair share of cars. cofounder and former ceo of car max on what mr. obama's reelection means for our economy. and a selloff on wall street, a wild ride for commodities, just look at the gold chart. up next off chicago on whether we might see a continuation tomorrow. we are coming right back. liz: several commodities tanks today following the election result. david: phil flynn at the price futures group joins us now. i don't want to barrel th. the lead, but why didn't gold take off? one of the main factors will be continuation of fed values that raise the dollar value of gold. why didn't it pop more than it did? >> i think because of the concerns over europe. when we are concerned about europe it is always bearish for gold. why is that? if the euro zone falls apart, wanting to have a value is gold. that we have even seen is a possibility of a way out of this mess. even talking "wall street journal" the possibility of goldbach eurobonds as a solution to try
,000 tons which is the weight of the u.s. space station out in outer space. i covered katrina and the debris buildup in katrina, we interview the new york city fire chief and former fire chief that oversaw 9/11 and also the chief of sanitation, this clean-up is bigger than 9/11 and bigger than katrina. what we're seeing throughout the day, 1800 trucks, sanitation trucks working around the clock, full tilt since sandy struck and removing garbage and debris to bring it out of state into pennsylvania and basically you will see publicly traded companies bidding on it, private companies, garbage companies bidding on it because as you know one man's trash is another man's treasure. we will be doing live updates throughout the day. liz: the concept of rebuilding is a twist on the broken windows theory. i am making a stretch, but hopefully there is some type of silver lining from all of this. from sandy to sliding for the fiscal cliff, my next guest says it is time to take risk off the table and protect your portfolio. david joy, risk away, the chief market strategist with sixth thirty-one billion d
, some are now drawing comparisons between this superstorm and katrina. so just how do they measure up? cnn meteorologist severe weather expert chad myers is taking a closer look. he's joining us now. how do they measure up, chad? >> well, first of all, the storm surge with katrina was enormous. almost three times more of a wave or of a surge with katrina as bay st. louis was about 28 feet. manhattan island, downtown, the battery, had about 9.5 feet. haven't seen too many numbers higher than that. 9.5 feet moving into the city comparing to moving into the bay, obviously there's a town there and all the way do biloxi, it's the population density in new york city that is going to -- and in new jersey and connecticut, that is going to put this way up in the record books. katrina, $145 billion in damage. andrew, this is cost for adjusted inflation $43.5 billion. and looks like somewhere sandy will fall somewhere between katrina and into andrew. so probably number two on the scale for dollar damage. now, when it comes to deaths, it's disturbing, wolf, to see and hear how quickly the fatalit
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the cuban missile crisis, 9/11, katrina, those were events that felt like the world were coming. there are people that are worried about other kinds of doomsdays and they plan on surviving. >> it looks like in has been another series of attacks, cyber attacks on united states banks. >> bill: recent cyber attacks could have doomsday style consequences. that has our government concerned. >> attackers could also seek to disable or degrade critical military systems and communication networks. collective result of these kinds of attacks could be a cyber pearl harbor. >> we have an insane regime in iran run by people who are psychotic who may get the nuclear weaponry to act on their insane thoughts. that means we could have a nuclear holocaust. >> what we depict on our show they have a variety they are concerned about. everything from tsunami to a nuclear blast. >> a koe executive producer of doomsday preppers. >> there are three touch stones. first touch stone is 9/11. second touch stone is destruction of american cities which is katrina. third touch stone is the financial collapse.
surpass the cost of hurricane katrina which stood $110 billion. when you look at the numbers, basically the power outages in the region from hurricane sandy are about two times more power outages versus what we saw in hurricane katrina. when it comes to the number of homes destroyed, 50% more homes destroid in hurricane sandy versus hurricane katrina cat. hurricane katrina claimed for lives. 1866 people were killed by hurricane katrina. versus 185 deaths from hurricane sandy. destruction and damage governor cuomo may have it right. as to who pays for it? ordinarily the u.s. government picks up 75% of the tab for restoring government services including things like mass transit. as for now both governor cuomo and governor christie of new jersey are saying wait a second we want the federal government to pick up even more of the tab possibly 90% to 100%. governor cuomo is pretty pointed whether or not he will let his state's taxpayers pay any of the costs. here is governor cuomo. >> to try to finance through taxes, would incapacitate the state. my philosophy hasn't changed. tax increases ar
. we had katrina years ago. there are things that will disrupt the economy. 9/11 was an extraordinary case. but we have a very resilient economy. we've had one for hundreds of years. and the fact that they can't get along for the month of january is not going to torpedo the economy. >> so i want to make clear, he wants to see a deal made. but he says, you have to be willing to go past december 31st. if you need to, you have to make every attempt to reach a deal. but he says, quote, don't roll over and give away the store. he sees the president in his second term being able to hold a very hard line. bottom line, you know where he stands on taxes. he wants them much higher. >> talking about taxes, how much higher? >> that's the question, getting specifics. i asked him that on capital gains taxes, money made off of investment, but also on income taxes for regular people. take a listen. >> are you saying there's no taxation level that's too high? whether it's capital gains or investments or income? >> we certainly prospered with capital gains rates, more than double what they are currentl
of the group's system of levies that were installed in new orleans in the gulf coast after katrina. >> people asked about located -- katrina and the rebuilding. not smart to build on an ocean. will the flood-prone areas be redefined, and will reveal did occur outside areas? -- will the rebuilding occur outside those areas? guest: this will be a tricky question going forward. along the jersey shore, and iconic part of their coast, a huge industry for them. they are saying it needs to be rebuilt. there are other places in new york city, mayor michael bloomberg is saying that we need to reevaluate places to rebuild and make sure we move around a little bit. especially with the storm coming at a time when state and local governments are so strapped for money. that is something that is being talked about, and i think there are certain places where you can see development has increased in recent years that may have made flooding worse. this is something you hear anecdotally of the ground. talk to people on staten island where there was very bad flooding. they say 40 years ago the neighborhood ports
government has stepped in to help. this is the third hurricane i've covered in my lifetime, andrew, katrina and now this. we are at the point where the population gets furious and they turn on the government. the government can just not handle the huge, huge logistical requirements that happen after a storm like this. could this actually turn on the president at some point here? >> reporter: i don't think so. i think what the president has had the opportunity to do is show americans that he was involved in an effort that the country was rallying behind and do his job in a way that got praise by the keynote speaker at the republican convention, chris christie, very tough critic of the president otherwise. so i don't think many voters are going to blame president obama for what's going on right now, and leave aside the fact that the states in which the difficulties are occurring db new york, new jersey, connecticut are all reliantly democratic states. what is much more important to the outcome of this election, michelle, is what's going on behind me at this afl-cio phone bank where union volu
katrina devastated new orleans, it seems all the relevant agencies were ready this time, up to speed, especially fema, the federal emergency management agency, that was criticized in 2005 being widely lauded now. the president himself was up all night from monday to tuesday in the situation room in the white house monitoring the situation. now he is touring the disaster areas, especially in new jersey, so he seemed very much concerned and seemed to do everything he could to help the people. he has been applauded even by republican competitors for this. one of his harshest critics has always been new jersey governor chris christie, and this man said that obama was doing an outstanding job. >> elections are right around the corner next week, and campaigns have resumed. it is a difficult question to ask, but who has actually profited from the situation? >> for mitt romney, it is a difficult situation because national disaster times are times when politics are supposed to be put aside, so campaigning too early might hurt him, but it is the only thing he can do because he does not have an
katrina, their next stop could be a used car lot. "if it was from new jersey and sold right after the storm, i'd walk away." damaged cars may be resold, cleaned up and title transfered. most states keep their own records of a vehicle'' history, but not all of them. "missouri can wipe clean a vehicle's history when title changes." so used car buyers are warned to look for clues, particularly exposure to salt water. "it'll wick its way up, evaporate, but the salt will remain and corrode the car." "there may be a smell of mold and maybe even twigs and leaves under the hood." the watchdog group consumers for auto reliability and safety suggests searching information on a car though this website: "vehicle history-dot-gov." it's required that all total loss vehicles are to be reported to this federal database within 30 days. some predict that increased demand for used cars in the storm's aftermath and the relatively low number of new cars sold during the recession may lead to a spike in late- model used car prices, a jump that could be seen all along the east coast. just one month after
might remember them from last week. in 2005, think back to hurricane katrina. in 2001, president bush appointed joseph, the chief of staff in texas and the 2000 campaign manager, but no emergency management experience. under president bush, the number of political appointees went from 27-38. he brought in michael brown, his college roommate. now in 2003, michael brown took over fema. he also had no previous emergency experience, the u.s. commission of the international an arabian horse association which was his qualification. hurricane katrina hits new orleans, brown took control of the relief effort, but it was a disaster both literally and figuratively. you may remember president bush said, you're doing a heck of a job. it became clear that he could not handle it, and he was replaced by the coast guard, a career professional that handle the and a good job. of course, the katrina disaster was not all brown's fault. the appointment is an illustration of the problem, an increasing number of appointees, the lack of emergency management experience, layers of political appointees over car
/11, katrina? in these uncertain times there are people worried about other kinds of doomsdays and they plan on surviving. >> it looks like another series of attacks, cyber attacks on major united states banks. >> recent cyber attacks on large financial institutions could have doomsday-style consequences. that has our government concerned. >> attackers could also seek to disable or degrade, critical military systems and communication networks. >> collective result of these kinds of attacks could be a cyber pearl harbor. >> we have an insane regime in iran run by people who are psychotic, who may get the nuclear weaponry to act on their insane thoughts. that means we could have a nuclear holocaust. >> the -- we have disaster scenarios from tsunami, earthquake, nuclear blast. >> alan madison co-executive producer of doomsday preppers, a reality program on national geographic tuesday nights. >> there are three touchstones for many preppers in terms of events that happened in our history the first is 9/11 the second is destruct of american city, which is katrina and the third i hear them talking
. staten island, new york we are hearing comparisons to katrina and its aftermath. this is why. look at the trash piling up. dirty water flooding the streets and a stench hanging in the air. people are hungry, they are cold. they are look for things to eat. clean water, dry clothes. their homes swept off the foundation by surging waves or swallows by soggy marshes. they are expressing a growing sense of anger. >> come here and walk into these streets where the water is this high and put waders on and see what it's about. not the outskirts. there is a lot of people trapped in here still. >> i don't have anywhere to go. i don't have no clothes. all the clothes i have on they gave to me at the center. >> 22 years in my home and i lost it. megyn: you can donate to the red cross if you want to help these folks. by the numbers, 19 of the 41 people who died in new york city lived on staten island. three of them were children. hundreds of homes have been destroyed and the power is out for every one in 10 staten island residents. >> reporter: the residents of staten island are calling their c
to katrina and 9/11? >> i work 9/11, logistically it was a recovery operation. logistically the scale is not a comparison. >> it is already a challenge to get garbage and debris and of the peninsula, certainly at long island and when the power gets back up. and the first file created here out of the dozen or so, we are seeing furniture basically personal items from households with a crane is working. >> the walls and mementos and photos, and sitting in these files. >> and white where a plants, the next island boardwalk. >> from the break -- >> the epa, whatever they checking for. and capturing chemicals, we have air monitoring going on with the health department. >> this is a hazardous waste site. >> being closely monitored, on the oversight. >> we have families trying to show up to retrieve personal items. >> people will come in and when they see the scope of what is going on they realize it is over. >> but this is what happens. we are saying on this story, giving live updates. back to you. dagen: terrific reporting. good to see you. connell: as president obama for this area over the
was worse than katrina. liz: it is in many respects worse than katrina, more power outages, more homes destroyed. that meeting was a mob last night. people were brought to tears. we only got $150 in insurance checks, 700 people, lashing out at both sides of the aisle, doing things like telling people the air quality is okay when it is not. this is coming at the time when the fiscal cliff negotiations, this shows a perfect example of the distractions focusing on big guzzler sodas or bicycle lanes in new york city when this is what the government should be doing, protecting people from natural disasters. stuart: why would you expect the government to be the best agency to take care of emergencies like this? is the only agency, i understand that the government does not do a good job. why do we expect them to be stellar, efficient performers? liz: clearly lowering expectations shows in disasters like this, people helping each other, charities stepping in and regular people helping each other is what this story was about. what about us? you can't let the story get out of the headlines or be
in the wake of a major disaster. so it's probably no surprise that back in 2005, hurricanes katrina and rita drained the fund and plunged the program $18 billion into debt. it's debt congress planned to forgive, but hasn't yet. that leaves the program on poor financial footing with only about $4 billion worth of funds available for claims related to sandy. >> from what i've seen, this could be a $5 billion to $10 billion flooding event, so more than likely, the program will have to go to congress to get additional borrowing authority. >> reporter: former program administrator david maurstad says the program will probably ve to turno coress for help paying claims. >> it's still an obligation that our government said we're going to have this program-- "you buy a policy, we're going to take care of it." and i have every confidence to believe that that will happen. there will be some mechanics that will be involved, possibly, depending on how large of an event this turns out to be. >> reporter: what could be a bigger problem are the number of people affected who don't have flood insurance. gener
by people who believe in its purpose and mission and it evoked the images of katrina which is the worst metaphor for mitt romney. and i think the president has surfed the wrong of this, and it's on the emotions of the public. >> yes, i don't think obama was trying to use it politically. i think he was trying to do thinks job. i think chris christie was trying to do his job. i also think that chris christie understands that he faces re-election in a pretty democratic state, and obama understands that he faces re-election next week. those are political realities. they're politicians, and they don't deny that. but they were doing their jobs, and i think christie's role here, as i'm sure you know as a former governor, it was a big deal for christie to come out and do what he did. that also really hurt romney. >> eliot: yes, that was the political maneuver of the week. he played it perfectly. switch gears for a moment. i don't want to say that anything is over and done, but the president is comfortable. the united states senate, a pivot or blocking position for the past couple of years. any
, of course, the next year faced katrina and a collection of disasters. how does the president keep his head down, not be swept away by the moment, and avoid the mistakes of his four predecessors? >> well, i think what is so sobering -- and this isn't a grand historical vision or a legacy moment -- because for him, the reality is going to be around 1:00 today when he comes out and says what he would do about the fiscal cliff. we can all laugh about the term as much as any of you, but the reality is really grim. when i started going through the numbers yesterday of just what taxpayers -- ordinary taxpayers -- are going to face, i had no idea that it wasn't just the bush tax cuts, even though i follow this stuff pretty closely, the minimum tax hitting, of all people, the most people who will be affected by the amt kicking in if congress were to let it happen. and you've been there, so you know that they'll blink at the last moment. but the most people of any state live in new jersey who are the middle-income people, people who make $75,000 a year and have two children will have to pay $4,000 m
two republican presidents very badly. both george h.w. bush with hurricane andrew and katrina, of course. so following up on rahm emanuel, he might have thought hurricanes generally play better for democrats in that they require that kind of federal aid. you cannot -- no state, no city can do this on this its own and that was what was poignant with governor christie and president obama. yeah, i think that's true. >> edmund, this was a case of leadership that is perhaps a little bit more like theodore roosevelt than ronald reagan in the sense whether it's krischri or obama, a take-charge attitude. >> appearance matters. they were masters of action on camera. and what the american people relate to, particularly during an election season, is the president in action. and here we've -- if i were running for re-election to the presidency, i would pray for an emergency like this, because we look to our presidents to dram a tiez and to make sense of natural ka as the trophies. theodore roosevelt had the san francisco earthquake to deal with which he greatly enjoyed and reagan had seve
's just been so good. so grateful. >> so how can we end up with better statistics than after katrina when 35% suffered mental illness and others had heart attacks from the stress? with well organized shelters like this one, victims of sandy are getting the support they need. bret? >> bret: dr. seigel, thank you. >>> the head of engler compounding center linked to -- new england compounding center linked to the meningitis outbreak plans to plead the fifth at wednesday's hearing before the energy and commerce committee. so far, 32 deaths have been reported. the necc sister company has a host of problems. issues range from manufacturing, to sterilety and quality control. they found leaky ceilings, insect and unsanitary conditions. ameridose said in a statement monday it will work to address the issue. a battleground state cuts food stamp benefits two days after the election. victoria's secret ruffles feathers. grapevine is next. that's one smart board. what else does it do, reverse gravity? [ laughs ] [ laughs ] [ whooshing ] tell me about it. why am i not going anywhere? you don't believe h
. this was the biggest one-week spike since september of 05 right after hurricane katrina slammed the gulf coast. gerri willis is with us. this jump, you could expect it. >> that's true. it's about the storm. people can file for unemployment claims if their employer closes their doors because of the storm. that's exactly what happened. we saw a lot of people file particularly in new york and new jersey. but even if you look at the moving averages which tends to back that out, you see the numbers moving, drifting higher. this jobs market is not recovered. not yet, not by a long shot. you can probably expect to see this weakness continue for two weeks. >> shep: that led to another -- it was a horrible day on wall street for a while, but recovered at the end. >> yesterday, 185 points down on the dow. today we ended up down 28 points. that's what's considered a good day on the markets right now. let me tell you, with that major problems, and if you look what the markets have done since the president took office, down 5%. the nasdaq, s & p, the dow, all of them. >> shep: it's his fault. obama's fault, right
is looking like hurricane katrina in one key respect and that is the price tag. steve liesman joins us now with more. billions and billions more. >> yeah. becky, the cost of sandy keeps rise and while it has not risen to the price tag of katrina, as the rubble is removed and the costs are tallied, the two storms are looking similar in the tale of devastation they tell. aid will arrive on a city focused on cutting spending. federal emergency money is subject to automatic cuts if we get over the cliff. this is the latest data putting at $70 billion to $90 billion. yesterday governor cuomo came out with this number. we know that includes what mayor bloomberg said was 19 billion. add that to what governor christie said of 29 billion. >> 360 million? >> for connecticut. >> and yesterday a company that we've been following since the beginning practically doubled their estimates of insured losses. originally 7 to 15. now 16 to 22. what i cannot tell you folks is whether or not the insured losses are included in the new york and new jersey governor statements. it could be 70 billion. governor cuom
sandy the most expensive hurricane trailing only hurricane katrina. >>> google has reported service disruptions in china as that nation's communist party's 18th congress gets you know way. china has sporadically blocked google services since 2010 when the tech giant said a cyberattack on the system came from that nation. that's the latest from the fox business, giving you the power to prosper david: we have breaking news on lockheed martin. robert gray with the details. go ahead, robert. >> that's right, david. just crossing the wires now the expected incoming ceo, has now been, is now resigned and the board has accepted his resignation from the board after an investigation and after he admitted to a close personal relationship with a subordinate. he is out. the board is electing marilyn hewson, president and chief operating officer, director effective immediately to the board and ceo designate and president effect i have january 1st. so on new year's day 2013. houston retains the role as vice president of electronic business. incoming ceo at lockheed martin martin forced out as res
than triple what hurricane irene cost. but still far plea record costs of hurricane katrina several years ago. governor christy hie has pledgeo rebuild the shore but that would come at an even greater cost. and where he withstand, we have to tell you as we were driving in, there are actually school buses blocking the flooded roads. you can imagine with no school in session and very thin police availability given everything that's going on, all the emergency situations, they're use aing school buses to deter cars from going down dangerous roads.aing school buses to dete cars from going down dangerous roads.ing school buses to deters from going down dangerous roads. this boat was across the street and police have propped it up to get it out of the way so that emergency vehicles can keep going. of course that's the only way that you can get on the island here. back to you. >> have there been other people that you've seen out on the streets or is it pretty deserted aside from the emergency personnel? >> reporter: it's actually very deserted. and it's pretty eerie. i've seen all the pict
of hurricane katrina, senator mary landrieu joins us next. >>> apple sold 3 million ipads in the last three days but not all are ipad minis and shares of apple are near bear territory. you have a buy rating on the stock. brian, always good to see you. in terms of the release, the optics for apple in terms of interpreting news these days has been glass half full. when the release came out and they released a combined number and in other words ipad mini plus ipad sales, i almost felt like they were trying to hide something. was the number a good one? >> it's a great number because it is a doubling if you look at ipad mini and fourth generation from march numbers of wi-fi from third generation which was 1.5. this was not a wi-fi and cellular launch which we saw in march, this is wi-fi only. second thing is ipad mini is significantly supply constrai d constrained. 60% of the stores we contacted were sold out. >> at the same time isn't it important for you as an analyst to understand what exactly that mix is. it makes a big difference when it comes to margins. ipad mini is a different margin th
see on the chart physically is katrina, that bump over there on the left. all the other storms, no pun intended, wash out. here is the katrina effect that bump right there, goes up and comes back down. so hopefully this is not an effect like katrina but if it is in general we'll see if the market looks to it. i was interested in jason trennert's comments earlier that he sees a recession coming and we have to parse that because we can go up to 500,000. i don't buy it but i'd like to talk with jason. jason is a smart guy. >> jobless claims bungy like the fiscal cliff bungy, go back down and then up? >>> let's get to rick santelli who flew out before the storm from new york to chicago. rick, you got the numbers. >> yes, september trade balance of course is a deficit, but it is a smaller deficit. 41.5 billion. this comes from a lower, smaller deficit on the recession from last time august moved from 44.2 to 43.8. 41.5 is the smallest the deficit has been actually for a while. it looks to me you're going back towards december of 2010. claims actually moved lower to 355,000 from an unrevised
does to the economy. >> it does have a big impact, though. because back to katrina for example. that was $75 billion of insured losses. which meant that the economic losses were over $100 billion. so usual talking a very big deal here. companies start to assess how much the business was disrupted. accessibility to their business. the ability of their employees to come to work. you don't start to see contamination issues and environmental issues until later on. but it's unfortunate to say and you asked me a very valid question, it's unfortunate to say that i think this number could be very big. >> the other question is who pays for all of this because the flooding, a lot of this will go to the national flood insurance program. but at some point, who ends up picking up the tab. >> i think mostly the insurance companies, becky. there's three sources of ways to fund catastrophes. you have the national flood insurance program as you mentioned, but that's under fema. fema stands for federal emergency management agency. and that's basically a response mechanism and i think they're doi
Search Results 0 to 49 of about 94 (some duplicates have been removed)